Deloitte partners have taken a £48,000 pay cut amid a ‘challenging market’
The news comes just days after a similar move at rival PwC, which saw top bean counters receive a £44,000 hit.
The average salary for Deloitte senior management has fallen from £1.06m per partner to £1.012m.
Profits came in at £756m for the year to May 31 – the same as the year before.
Dealmakers have hit the brakes in the face of economic uncertainty. That has seen the demand for accountants and consultants also ease.
Cutting costs: The average salary for Deloitte senior management has fallen from £1.06m per partner to £1.012m
Richard Houston, Deloitte UK chief executive said: ‘This is a strong set of results in a challenging market.
‘Like many businesses, we had to carefully consider our cost base and make some difficult choices this year.’
Deloitte made 100 ‘targeted redundancies’ in the UK in March. But it said it still hired 3,387 new starts this year and promoted 6,800 people within its 27,000 workforce. Eighty people were promoted to partner.
Despite the slowdown, revenues rose 2.4 per cent to £5.7billion.
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